Bank of America Initiates Coverage on Quantinuum (NASDAQ:QNT)

Equities researchers at Bank of America assumed coverage on shares of Quantinuum (NASDAQ:QNT) in a research report issued on Monday,Benzinga reports. The firm set a “buy” rating and a $100.00 price target on the stock. Bank of America‘s price objective would suggest a potential upside of 32.33% from the stock’s current price.

Several other research analysts also recently weighed in on QNT. TD Cowen started coverage on Quantinuum in a research note on Monday. They set a “buy” rating on the stock. Wall Street Zen raised Quantinuum to a “hold” rating in a report on Saturday, June 20th. Cantor Fitzgerald began coverage on Quantinuum in a research note on Monday. They set an “overweight” rating on the stock. UBS Group began coverage on shares of Quantinuum in a research report on Monday. They issued a “buy” rating for the company. Finally, Jefferies Financial Group started coverage on shares of Quantinuum in a research note on Monday. They issued a “buy” rating and a $90.00 target price for the company. Seven research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $92.00.

Quantinuum Price Performance

Shares of QNT stock opened at $75.57 on Monday. Quantinuum has a 12-month low of $50.10 and a 12-month high of $81.48.

Insiders Place Their Bets

In other news, insider Kevin Scott Dehoff acquired 15,000 shares of Quantinuum stock in a transaction dated Friday, June 5th. The stock was purchased at an average cost of $60.00 per share, for a total transaction of $900,000.00. Following the completion of the purchase, the insider directly owned 126,460 shares in the company, valued at $7,587,600. This trade represents a 13.46% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kenneth D. Denman bought 14,000 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The shares were purchased at an average cost of $60.00 per share, with a total value of $840,000.00. Following the acquisition, the director directly owned 19,833 shares of the company’s stock, valued at approximately $1,189,980. This trade represents a 240.01% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last ninety days, insiders acquired 411,032 shares of company stock valued at $24,661,920.

About Quantinuum

Quantinuum is a quantum computing company focused on developing hardware and software for commercial and scientific applications. The company provides access to its quantum systems, along with software tools and services designed to help customers explore use cases in areas such as optimization, materials science, chemistry, cybersecurity, and machine learning.

The company was formed through the combination of Honeywell Quantum Solutions and Cambridge Quantum in 2021. Quantinuum operates internationally and serves a range of customers across enterprise, government, and research markets.